Table of Contents
What is the difference between current savings and fixed deposit accounts?
Savings account is a personal bank account maintained by individual customers to deposit their personal savings and undertake their personal monetary transactions. Fixed deposit account is an account in which a customer deposits money for a specified fixed tenure and at a specified interest rate.
What is difference between deposit and current account?
A savings account is a deposit account which allows limited transactions, while a Current Account is meant for daily transactions.
What is the difference between current and savings account in Nigeria?
Difference between current and savings account Its main difference from current account balance cannot be withdrawn up to zero. Current accounts have an end date after which they can be renewed by the owner. Saving accounts have no end day. Only the client can request to close it.
What are the similarities between saving account and current account?
Similarities Between Current And Savings Accounts Both accounts come with basic facilities like internet banking, ATM-cum-debit cards, individual and joint account facilities, etc. There is no specific or prescribed limit on the money you can deposit in either account.
What is current deposit account?
Current deposit account is a type of savings deposit with no deposit term specified. It can be used for personal transfer, exchange, outward and inward remittance.
What do you mean by current deposit?
Current Deposit Account. Introduction. Current deposit account is a type of savings deposit with no deposit term specified. It can be used for personal transfer, exchange, outward and inward remittance.
What is the advantage of current account over savings account?
Generally, current accounts do not provide interests and requires a higher minimum balance when compared to savings account. However, the greatest advantage of current bank account is that, account holders can easily avail overdraft facility up to an agreed limit.
What are the benefit of current account and savings account?
Savings accounts are suitable to build emergency funds, whereas current accounts facilitate regular business transactions. Unlike a saving account, current accounts do not have any limit on monthly transactions. You need to maintain a relatively higher minimum balance in a current account than a savings account.
What are the 4 types of savings accounts?
Basic Savings Account. Also known as passbook savings accounts, these accounts are a good introduction to earning interest and saving money.